The Week in Review for 23 September 2011

The Week in Review for 23 September 2011

Fortis Healthcare India is all set to become the biggest company of its kind in Asia. On Monday it announced it would merge with Fortis Healthcare International, which is wholly owned by the brothers Malvinder Singh and Shivinder Singh. Fortis International owns assets in Singapore, Australia and Hong Kong. Meanwhile Fortis Healthcare India has 62 hospitals across the country and the Singh family hold a majority stake in it.

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India’s GVK group is talking to potential buyers for selling of some of its stake in coal mines in Australia. The company had recently agreed to buy coal mines and supporting facilities from the Hancock Group for $1.26 billion. Mint has learnt its now talking to Indonesia’s PT Kideco about a stake sale. Kideco wants minority stakes along with mine development operator-ship. Just over a week ago GVK announced it was buying a 100% stake in one of Hancock’s coal mines and 79% stakes in two others. The company is still raising money to fund those acquisitions.

A glimmer of hope for Air India. The struggling nation carrier has drawn in more customers for a second month in a row. New figures show Air India grabbed a 17.4% share of passengers in August. That’s compared to 16.5% in July. Air India’s gain in market share came after it cut fares across the board. And the airline still trails behind Jet Airways, Kingfisher, IndiGo and SpiceJet.

And finally, a legend passes away. Mansur Ali Khan Pataudi, former Indian batsmen and cricket team captain, breathed his last in New Delhi on Thursday evening. He was battling a severe lung infection. Pataudi was fondly nicknamed ‘Tiger’ for his skills and leadership on the cricket field. He played 46 test amtches between 1961 and 1975 and will be forever remembered for leading India to its first ever test win abroad.